17:24-13. Purpose of act; expenses of committee in investigation, analyses, and valuation of securities
140 words·~1 min read·
/nj/title-17/chapter-24/17-24-13A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The purpose of this act is to provide a means of making funds not in excess of two hundred and fifty thousand dollars ($250,000.00) in any one year available to the Committee on Valuation of Securities of the National Association of Insurance Commissioners to defray the expenses of such committee in the investigation, analyses and valuation of securities and the determination of the amortizability of bonds, owned by insurance companies, for the purpose of furnishing to the several States on a uniform basis information needed in the supervision of insurance companies licensed to transact business in the several States.
The Commissioner of Banking and Insurance is hereby authorized to disburse in the manner hereinafter provided, in co-operation with supervisory officials of other States, funds obtained through assessments for such purpose under this act.
L.1949, c. 248, p. 797, s. 1.